US-based Invesco to acquire 49% in Religare AMC
Religare is likely to sell 49 percent stake in Religare Mutual Fund (MF) to US-based Invesco, reports CNBC-TV18 quoting sources.
September 27, 2012 / 13:26 IST
Religare is likely to sell 49 percent stake in Religare Mutual Fund (MF) to US-based Invesco, reports CNBC-TV18 quoting sources.
Religare MF, which manages assets worth Rs 10,000 crore, is likely to carry out the deal at 6 percent of its asset under management (AUM).Religare Enterprises is controlled by billionaire brothers Malvinder and Shivinder Singh, who also control hospital chain Fortis Healthcare .At 10:04 hours IST, the share of Religare Enterprises was trading at Rs 329.95, up 3.58 percent.Even its trading volumes increased 284 percent to 4,387 shares as compared to its five day average of 1,143 shares. Market capitalisation of the company currently stands at Rs 4,928.84 crore. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
